Despite record high vacancy rates, the industrial market has continued to perform well, with total number of transactions up over 28 percent from this time last year. In addition, net absorption levels are currently positive in 77 percent of submarkets. Canyon County has seen the highest level of absorption so far in 2024 with 378,000 square feet absorbed. However, activity has been strong among large industrial users in Ada County with the Airport submarket currently at almost 183,000 square feet absorbed.
Top deals from the past quarter include Micron Technology leasing 110,000 square feet of new construction at Red River Commerce Center in Boise and Hensel Phelps leasing 86,000 square feet at Kings Road Commerce Center in Nampa. The highest number of deals were recorded in the Caldwell Boulevard submarket, demonstrating that Canyon County continues to be the hub for industrial growth in the Treasure Valley.
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